AMP Ltd has accepted the resignation of AMP Australia CEO Alex Wade and confirms Wade will step down immediately.

In a statement to the ASX today (August 6), AMP said NZ Wealth Management CEO Blair Vernon would become acting AMP Aust CEO, while the company started looking for a permanent replacement.

Vernon, who had led “major change” as NZWM CEO, would start in the role immediately, and Jeff Ruscoe would replace him as acting NZWM CEO.

AMP CEO Francesco De Ferrari said: “I’m pleased we are able to call on an experienced executive in … Vernon to lead this team and continue to drive our strategy forward.”